For all businesses and consumers in Australia, this is a very important update regarding credit reporting changes and new regulations.
From 12 March 2014 new information can be included on your credit report as part of changes to Australia’s credit reporting system. This new system, known as comprehensive credit reporting, is good news as it will give Australians more power to demonstrate their credit worthiness and manage their credit profile.
What new information can be included on my credit report?
Information about credit accounts you have with credit providers including:
• Type of credit account such as credit card or a personal loan
• The date you opened or closed an account
• The credit limit of the account
• Repayment history (up to 24 months)*
When will the change happen?
Comprehensive credit reporting is effective from 12 March 2014 however you will not see immediate changes to your report for the following reasons:
• Not all credit providers are supplying this information from this date
• To deliver this new information to you with the best possible experience, we are currently updating our technology and software. Once these updates are complete, any new information we have been provided will be available in your credit report
Is there anything I need to do?
We recommend you take some time to understand how the new information, when available, may impact your credit report and Veda Score going forward. In the meantime, following are some tips to help you keep your credit profile as healthy as possible under the new reporting system:
1. Pay bills and loans on time – consider setting up direct debits for your minimum credit card balance and schedule loan repayments for your pay day
2. Keep track of your credit commitments – only apply for credit when you need it and consider closing unused accounts
3. If you’re having trouble meeting your repayments speak to your lender as it is likely they can assist you
4. Monitor your credit report
To find out more about how these changes may impact you go to mycreditfile.com.au/education.